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It’s Different This Time

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The brains behind Big Picture Trading, Patrick brings a unique view of the market earned through decades of option trading.  Trading both for himself (and teaching others) how to position a portfolio to maximize reward while minimizing risk.  Patrick is also the co-host of MacroVoices where he has the privilege of working with some of the best thinkers in the Macro universe.

Patrick Ceresna

The brains behind Big Picture Trading, Patrick brings a unique view of the market earned through decades of option trading.  Trading both for himself (and teaching others) how to position a portfolio to maximize reward while minimizing risk.  Patrick is also the co-host of MacroVoices where he has the privilege of working with some of the best thinkers in the Macro universe.
The author of the MacroTourist newsletter, Kevin is a former institutional equity derivative trader for a big bank who decided that bank-life wasn't for him, so proceeded to trade for his own account for a couple of decades before joining his current firm, East West Investment Management where he is the Market Strategist.

Kevin Muir

The author of the MacroTourist newsletter, Kevin is a former institutional equity derivative trader for a big bank who decided that bank-life wasn’t for him, so proceeded to trade for his own account for a couple of decades before joining his current firm, East West Investment Management where he is the Market Strategist.

Join Us

Join Patrick and Kevin every weekend when these two traders discuss the week’s action in the markets – always keeping the other’s feet to the fire for bad calls – yet hopefully having some fun while learning a little something in the process.  Sign up to receive the Weekly Market Huddle email.


We will notify you when there is a new episode, include some charts and maybe even a MacroTourist type picture only for subscribers.  Rest assured, we will never fill your email box with junk and unsubscribe at any time.

Episodes

Episode 41 – Harry McLovin

0:04:10 Talking Markets with Charles Hugh Smith
0:21:51 GE Fraud
0:57:20 WTF Clip of the Week
1:08:33
Top 5 Things to Watch Next Week
1:32:26 Aftershow with Charles Hugh Smith

Episode 40 – Better Late Than Early

0:03:31 Talking Markets with Tony Zhang
0:37:38 Talking Markets with Barton
1:18:17 WTF Clip of the Week
1:32:01
Top 5 Things to Watch Next Week
1:52:26 Aftershow with Tony Zhang

Episode 39 – You Shot My Prairie Dog

0:02:57 Talking Markets with Jared Dillian
0:27:49 Talking Markets with Chase Taylor
0:59:12 WTF Clip of the Week
1:08:06
Top 5 Things to Watch Next Week
1:30:50 Aftershow with Jared Dillian

Episode 38 – It’s Not Fixed-Income, It’s Fixed-Expense

0:05:07 Talking Markets with Zach Abraham
0:41:55 This Week in Trading History
0:52:28 WTF Clip of the Week
1:13:12
Top 5 Things to Watch Next Week
1:33:29 Aftershow with Zach Abraham

Episode 37 – My Squiggles are Better Than Your Squiggles

0:07:26 Talking Markets with Rob Koyfman
0:47:10 This Week in Trading History
1:08:09 WTF Clip of the Week
1:21:32
Top 5 Things to Watch Next Week
1:48:58 Aftershow with Rob Koyfman

Episode 36 – Bananas and 4-inch Platform Shoes

0:05:17 Talking Markets with Alex Manzara
0:39:15 This Week in Trading History
0:44:22 WTF Clip of the Week
0:55:53
Top 5 Things to Watch Next Week
01:11:09 Aftershow with Alex Manzara

Episode 35 – Take off like a BOB

0:05:31 Talking Markets with Callum Thomas
0:27:39 Kevin’s Worry
0:54:44 WTF Clip of the Week
1:08:37
Top 5 Things to Watch Next Week
01:29:49 Aftershow with Callum Thomas

Episode 34 – Man Buns and Cowboy Hats

0:05:18 Talking Markets with Alex Barrow
0:40:28 Insurance Rate Cut?
1:04:53 WTF Clip of the Week
1:09:29
Top 5 Things to Watch Next Week
01:42:21 Aftershow with Alex Barrow

Episode 33 – Macro Trade of the Century

0:03:40 Talking Markets with Otavio(Tavi) Costa
0:27:56 Talking Markets with Tony Greer
0:47:43 This Week in Trading History
0:57:56
Top 5 Things to Watch Next Week
01:23:34 Aftershow with Tavi Costa

Episode 32 – The Skill of Making Money

0:04:03 Talking Markets with John Netto
0:45:12 This Week in Trading History
0:51:00 WTF Clip of the Week
01:01:59
Top 5 Things to Watch Next Week
01:47:14 Aftershow with John Netto

Episode 31 – The Answer is Gold

0:03:09 Talking Markets with Stephen Aniston
0:27:34 Understanding the Steepener
01:01:46 This Week in Trading History
01:21:28
Top 5 Things to Watch Next Week
02:04:23 Aftershow with Stephen Aniston

Episode 30 – Polyester Suits

0:03:48 Talking Markets with David Collum
0:23:47 Talking Greek with Kuppy
0:46:25 This Week in Trading History
01:19:50
Top 5 Things to Watch Next Week
01:46:28 After Hours with David Collum

Episode 29 – Seduction by Complexity

0:04:18 Talking Markets with Adam Collins
0:35:58 Kevin gets some help with the Dark Arts
0:49:47 Tales from the Trading Desk – Occupy a Job on Wall street
01:16:42
WTF Clip of the Week
01:29:18 Top 5 Things to Watch Next Week

Episode 28 – P-Dogging it

0:06:41 Most Important Event of the Week
0:20:16 Charlie McElligott’s gamma graphs explained
0:43:21 Tales from the Trading Desk – Mrs.MacroTourist
0:49:16
This Week in Trading History
01:34:24 Top 5 Things to Watch Next Week

Episode 27 – Bump and Run

0:04:35 Interview with Alastair Williamson
0:38:06 Tales from the Trading Desk
0:43:40 This Week in Trading History
0:58:08
WTF Clip of the Week
01:14:15 Top 5 Things to Watch Next Week

Episode 26 – The Huddle Puddle

0:04:20 Interview with Aidan Garrib
0:38:08 Neil Hunt talking Eurodollar
01:01:27 This Week in Trading History
01:09:41
WTF Clip of the Week
01:13:41 Top 5 Things to Watch from Last Week

Episode 25 – Breaking out the Brown Sauce (guest Seth Levine)

0:05:49 Seth Levine talking Macro
0:24:40 Tales from the Trading Desk
0:28:58 Smart money versus Retail debate
0:47:25
This week in trading history – the CBOE launches
0:55:19 WTF Clip of the Week – McAffee NFSW

Episode 24 – When Turkeys Fly (guest Samantha LaDuc)

0:04:29 Samantha LaDuc talks markets
0:33:42 Tales from the Trading Desk
0:37:41 This Week in Trading History
0:44:10
WTF – Draghi is Masters of his own Domain
0:59:34 Top 5 things to watch next week

Episode 23 – Waiting like a Jack Pine  (special guest Chase Taylor)

0:04:51 Chase talks inflation
0:29:31 Tales from the Trading Desk
0:35:00 Bonds or Stocks – who’s right?
0:46:28 This Week in Trading History 
0:51:33 WTF – How I Met Steve’s Mother

Episode 22 – It went to money heaven  (special guest Harris Kupperman)

0:04:21 Harris Kupperman on shipping
0:30:00 Tales from the Trading Desk
0:34:34 Talking options
0:47:53 This Week in Trading History 
0:55:35 WTF – Idiocracy strikes CNBC

Episode 21 – You need a pin to pop a bubble  (special guest Kieran O’Dea)

0:04:30 Kieran on geo-politics
0:23:30 Tales from the Trading Desk
0:31:05 Ari Pine on spoofing
0:52:53 This Week in Trading History – It’s contained…
1:07:50 Review of last week’s Top 5

Episode 20 – Never say Never  (special guest Angie Setzer @GoddessofGrain)

0:04:00 What’s going on in the Grain Markets
0:29:25 Tales from the Trading Desk
0:35:02 FOMC – Bull vs Bear
1:00:25 This Week in Trading History – the Dutch West Indies Company
1:14:08 Review of last week’s Top 5

Episode 19 – Confessions of a MMT Enthusiast

0:03:20 Confessions of a MMT Enthusiast
0:37:05 Tales from the Trading Desk
0:45:58 This Week in Trading History – The first insider trading case
0:50:22 WTF Clip of the Week – Pardon me, do you have any Grey Poupon?
0:55:55 Review of last week’s Top 5

Episode 18 – No Smell, No Tell (special guest: Mark Spiegel)

0:03:15 The Tesla Short
0:28:22 Tales from the Trading Desk
0:38:12 This Week in Trading History – 2009 Market Bottom
0:45:03 WTF Clip of the Week – Both Cramers are drinking
0:52:00 Review of last week’s Top 5

Episode 17 – Calling in Fat (special guest: Steve Sosnick)

0:02:47 What is on Steve’s mind this week?
0:38:05 Tales from the Trading Desk
0:49:18 Are the markets in NA heading into recession?
1:10:14 This Week in Trading History – Glass Steagall
1:14:53 WTF Clip of the Week – What does Powell think of Trump?

Episode 15 – Edge of a Precipice (special guest: @Barton_options)

0:04:00 What’s on Patrick’s radar this week
0:10:00 Deep Dive into impact of QT/QE with Barton
0:41:34 Tales from the Trading Desk – Barton talks UVXY
0:48:25 This Week in Trading History – Japan cuts rates to zero for the first time 20 years ago
0:55:22 WTF Clip of the Week – Bill Gross channels his inner Austin Power as he reflects on his retirement.

Episode 14 – Master move in the order of the Lufthansa heist

0:04:41 Tony talks weed
0:25:12 Social media stocks rolling over
0:46:00 Tales from the Trading Desk – Tony’s tale
0:52:12 This Week in Trading History – XIV blows up!
1:04:07 WTF Clip of the Week – Powell and Trump’s dinner Game of Thrones style

Episode 13 – Trump needs more Cowbell (with special guest Erik Townsend)

0:04:22 Erik Townsend talks Gold/Dollar pairs trade
0:35:00 Tales from the Trading Desk – Erik recalls crude trade
0:46:00 The epic flip-flop by Jay Powell
0:55:52 This Week in Trading History – The first TIPS auction
1:08:35 WTF Clip of the Week – Trump needs more cowbell!!!

Episode 12 – The Cracks are Showing (with special guest Tony Greer)

0:03:50 Tony Greer talks gold
0:23:20 End of QT?
0:43:00 Tales from the Trading Desk – Tony talks COMEX floor
0:56:35 This Week in Trading History – Gold Rush 1848
0:58:55 WTF Clip of the Week – Davos Frat Party.

Episode 11 –  The Trading Couch

0:03:08 A whale of an SPX trading
0:24:50 This Week in Trading History –  The Gulf War
0:32:12 WTF Clip – Tribute to William Wallace
0:57:49 Top 5 Things to watch next week

Episode 10 –  Goodfellas… Chinese Edition

0:02:39 Can you trust Chinese data
0:29:57 This Week in Trading History –  The first money mkt fund
0:35:09 WTF Clip – Ross Gerber, no Steven Birch from Billions
0:57:13 Top 5 Things to watch next week

Episode 9 – Fool’s Gold (with special guest Brent Johnson from Santiago Capital)

0:02:39 Silver and Gold Ratio with Brent
0:21:03 Tales from the Trading Desk –  Fool’s Gold
0:35:32 This Week in Trading History – Apple Computer 
0:45:55 WTF Clip of the Week – Cramer!

Episode 7 – The twelve pubs of Christmas

0:03:30 Reactions to FOMC
0:35:40 This Week in Market History –  Boesky and Mulheren
0:41:09 WTF Clip of the Week – Greenspan
0:44:31 Tales from the Trading Desk – Option spreads

Episode 6 – Don’t forget your sample

0:02:40 Gold – fake out or break out?
0:21:00 This Week in Market History –  Madoff
0:29:38 WTF Clip of the Week – The world’s biggest bear
0:33:52 Tales from the Trading Desk – Don’t forget your sample

Episode 5 – Never go full Krugman

0:02:25 Yield curve inversion
0:34:37 This Week in Market History –  A look back at the S&L crisis
0:41:42 WTF Clip of the Week – Krugman, Trump & Powell
0:48:24 Tales from the Trading Desk – Greatest Risk Arb of all time

Episode 4 – The Prairie Dog Formation

0:02:10 Powell Blinks
0:27:50 This Week in Market History – Enron
0:45:48 WTF Clip of the Week – Larry Kudlow’s Press Conference
1:04:46 Tales from the Trading Desk – blast from the past

How not to tell your clients they have been zeroed

Episode 3 – How not to tell your clients they have been zeroed

0:03:20 Did the Federal Reserve finally go too far and engineer a global economic slowdown (recession)?
0:42:50 This Week in Market History – JFK assassination causes a 2.9% dip in the market, but the Dow Jones finishes the year at the highs.
0:45:48 WTF Clip of the Week – Axe reacts to OptionSellers.Com’s announcement
1:04:46 Tales from the Trading Desk – reliving the bad blood between Icahn and Ackman via the Herbalife saga

Energy goes Beserk!

Episode 2 – Energy markets go beserk

0:01:50 Oil / nat gas go in opposite directions.  Is someone big in trouble?
0:15:50 Is this the top in interest rates?
0:42:00 This Week in Market History – Dow Jones finally crosses 1,000 but how long before that level is taken again?
0:47:00 WTF Clip of the Week – Tom Lee’s bitcoin call gets laughter from Seth and Snoop
0:56:30 Tales from the Trading Desk – remembering the natural gas hedge fund trader who lost more than a billion dollars

Energy goes Beserck!

Episode 2 Most important thing this week: Nat gas to the moon while oil craters and we talk bond yield curves.

Episode 1 – Will Trump break the mid-term Presidential Election Cycle?

0:01:40 Reactions on the midterms with a surprising stat.
0:36:32 This Week in Market History – 1907 crash
0:49:25 WTF Clip of the week – talking about percentage change on interest rates
0:54:19 Tales from the Trading Desk – GE after hours 37 million share block.